CAIRO - In his capacity as head of the national salvation government, Kamal el-Ganzouri has decided to withdraw an estimated 21 million square metres of land from investors who have failed to set up enterprises in the development project north-west of the Gulf of Suez. His decision has been enthusiastically described as a step in the right direction. The project, first suggested in the l980s and launched in l998 under the supervision of a higher ministerial committee, was one of a series of mega-projects intended to make great economic leaps forward. The project was planned to include a huge hub port, an industrial zone occupying a l000 feddan (acre) area, a free economic zone and another area west of the Suez Gulf covering an area of l64 square kilometres. A 25-year old Japanese feasibility study had estimated that the Gulf of Suez project would create 2.5 million jobs and attract investments exceeding LEl50 billion. Ganzouri's decision has implied a tendency to make the law reign supreme in order to rectify malpractices, which, under the Mubarak regime, allowed businesspeople to promote their personal interests at the expense of national goals. Back in l998, the Ministerial Committee approved selling plots of land north-west of the Gulf of Suez at LE20 per square metre with a l0 per cent down-payment and instalments over ten years. Despite these payment facilities and the infrastructure provided, the project has failed to realise the set targets. “Putting the land on ice seemed to be far more lucrative to some purchasers than to create projects. Out of 20 million square metres sold to business tycoons, only three million have been utilised, Mohamed Abdel-Wahab, a former industry minister told Al-Gomhuriya newspaper. The people of Suez have been reported to be those who have most applauded Ganzouri's action. They had shared with el-Ganzouri the dream of turning their governorate into an epicentre and booming hub for industrial and economic activities standing on a par with Honk Kong, South Korea and Taiwan. Today they are recapturing the dream now that this long neglected file is to be reopened to detect and redress the violations and suggest new measures to effect the cherished boom. At a recent meeting with his aides, Suez Governor Mohamed Abdel-Moniem Hashem requested a detailed report of operating as well as defaulting projects. The Ganzouri government has put the promotion of investments at the head of its priorities, after restoring security to the streets, and is hopefully expected to take viable measures to revive the project.
